Political journalists and commentators have been having an absolute field day over the past 18 hours dissecting the downfall of former Transport Minister and Minister for Auckland, Michael Wood.

Wood had been on notice since it was revealed he had failed to sell his shares in Auckland Airport, a clear conflict of interest for a Transport Minister.

But he resigned yesterday as a minister after it emerged he held thousands of dollars’ worth of additional shares in a trust, some of which raised potential conflicts of interest with decisions that went before him as a minister and cabinet as a whole.

Prime Minister Chris Hipkins indicated he would have sacked Wood if Wood had not offered to resign. He looked clearly frustrated and exasperated at the press conference yesterday.

The additional shareholders were held in a family trust, of which he is both a trustee and a beneficiary. The trust holds thousands of dollars of shares in particular a stake in Chorus, Spark and the National Australia Bank - and having those shares raised questions around potential conflicts.  

You've got a Prime Minister who's lost three ministers in three months, which is incredibly careless to lose three ministers in three months. Will it even matter?

Will people see it as a Prime Minister losing control of his cabinet or a Prime Minister getting rid of all the dead wood, so to speak, that his predecessor didn't have the nous or the inclination to manage?

I mean, we've known for a while that there is not a great talent pool within that enormous Labour caucus.

There aren't many shining stars and those who are shine brightly. So is this Hipkins paying attention to detail and getting his ministers to be accountable for their actions? Or is it a minister losing control of his cabinet?

He looked frustrated and annoyed. He's heading off to China. He doesn't want any more surprises like Meka Whaitiri when he's offshore.

And can anybody explain the inaction of Michael Wood?

Sixteen times he was told to sell his shares. Sixteen times he failed to do so. I'm not a great details person and I've paid dearly because I'm a not a details person, but I tell you what, if my boss said to me, ‘Kerre sell your shares or lose your job’.

I'd sell my shares.

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